German stock and derivatives market operator Deutsche Boerse reiterated that its focus was on organic growth, but said it was constantly evaluating external growth opportunities.
The comments were made in slides prepared for a conference call for analysts and investors on the group's first-quarter results, released after the German stock market's close.
Deutsche Boerse, which runs the Frankfurt Stock Exchange, derivatives exchanges Eurex and ISE as well as settlement and custody house Clearstream, beat market consensus by posting earnings before interest, tax and amortisation (EBITA) of €311.6 million ($424 million) for the quarter to end-March, down from €425.8 million a year earlier.
Revenue fell by a slightly smaller-than-expected 16% year on year to €539.8 million, mainly due to lower cash equities and derivatives trading volumes as a result of the financial markets crisis.
Analyst comments received by Reuters before the conference call were uniformly positive. Credit Suisse raised its target price for the Deutsche Boerse stock to €75 from €65 and affirmed its “outperform” rating. (Reuters)